1. If it appears to be to the advantage of
the estate to borrow money upon a note or notes, unsecured or to be secured by
a security agreement or other lien upon the personal property of the decedent
or any part thereof, or to be secured by a mortgage upon the real property of
the decedent or any part thereof, or to mortgage or create a security interest
or other lien upon the property or any part thereof, in order to pay the debts
of the decedent, or devises, or expenses or charges of administration, or to
pay, reduce, extend or renew a security interest or agreement or lien or
mortgage existing upon property of the estate, and as often as occasion arises
in the administration of the estate, the court may direct the personal
representative to borrow the money and to execute such note or notes and, in a
proper case, to execute such mortgage, or to give other security by way of
security interest or other lien, or may authorize, in a proper case, the
execution of an extension agreement.

2. If property of the estate consists of
an undivided fractional interest in real or personal property, and it appears
to be to the advantage of the estate to borrow money in order to improve,
utilize, operate or preserve the property jointly with the other co-owner or
co-owners, or in order to pay, reduce, extend or renew some security interest
or agreement, lien or mortgage existing upon the property, including the other
undivided interest or interests therein, the court may direct the personal
representative to borrow the money required for those purposes and to join with
the owner or owners of the other undivided interest or interests in the
property, or their duly authorized representatives or agents, in the execution
of such joint and several note or notes as may be necessary, and to join with
the owner or owners of the other undivided interest or interests in the
property, or their duly authorized representatives or agents, in the execution
of such security agreement, lien or mortgage as may be required to secure the
payment of the note or notes.

1. At the time appointed, the court, upon
proof that due notice of the hearing has been given, shall proceed to hear the
petition and any objection that may have been filed or presented. If, after a
hearing, the court is satisfied that it will be to the advantage of the estate,
it shall enter an order directing the personal representative to borrow the
money and to execute the note or notes, and, in a proper case, to execute the
mortgage or give other security by way of security interest or other lien.

2. The court may direct that a lesser
amount than that named in the petition be borrowed, and may prescribe the
maximum rate of interest and the period of the loan, and require that the
interest and the whole or any part of the principal be paid, from time to time,
out of the whole estate or any part thereof, and that the personal property to
be subject to the security agreement or other lien, or any improvements on the
premises to be mortgaged, are insured for the further security of the lender,
and the premiums paid from the assets of the estate.

3. A certified copy of the order must be
recorded in the office of the county recorder of every county in which the
property affected by the order, or any portion thereof, is located.

NRS 149.040Execution of instruments.The
personal representative shall execute, acknowledge and deliver the mortgage or
other security, as directed, setting forth therein that it is made by authority
of the order, giving the date of the order. The note or notes and mortgage or
other security must be signed by the personal representative as such, and
create no personal liability against him or her.

1. A mortgage or security agreement so
made is effectual to mortgage or subject to the security agreement all right,
title, interest and estate which the decedent had in the property described
therein at the time of his or her death or previously and any right, title or
interest in the property acquired by the estate of the decedent, by operation
of law or otherwise, since the time of his or her death.

2. Jurisdiction of the court to administer
the estate of the decedent is effectual to vest the court with jurisdiction to
enter the order for the note or notes and mortgage or security agreement, and
the jurisdiction conclusively inures to the benefit of the mortgagee named in
the mortgage or the secured party named in the security agreement and the
heirs, successors and assigns of the secured party.

3. No omission, error or irregularity in
the proceedings impairs or invalidates them or the note or notes or mortgage or
security agreement given in pursuance thereof, and the mortgagee or secured
party and the heirs, successors and assigns of the secured party, have and
possess the same rights and remedies on the note or notes and mortgage or
security agreement as if it had been made by the decedent before his or her
death, except that, upon any foreclosure or sale under the mortgage or security
agreement, if the proceeds of the sale of the encumbered property are
insufficient to pay the note or notes, the mortgage or security agreement, and
the costs or expenses of sale, no judgment may be had or allowed except in
cases where the note or notes or mortgage or security agreement was given to
pay, reduce, extend or renew a lien, mortgage or security agreement existing at
the time of the death of the decedent and the indebtedness secured thereby was
an allowed and approved claim against the estate, in which case the part of the
indebtedness remaining unsatisfied must be classed and paid with other allowed
claims against the estate.

NRS 149.060Authorization to lease.If
it appears to be to the advantage of the estate to lease any real property of
the decedent, and as often as occasion arises in the administration of the
estate, the court may direct the personal representative to execute the lease.

1. To obtain such an order the personal
representative or an interested person shall file a petition, showing the
advantage to accrue from giving the lease, a general description of the
property proposed to be leased, and the term, rental and general conditions of
the proposed lease.

2. The clerk shall set the petition for
hearing, and the petitioner shall give notice of the hearing in the manner
required by NRS 155.010 or as the court
by order may require.

NRS 149.080Hearing on petition; order directing personal representative to
make lease; terms of lease; recordation of copy of order.

1. At the time appointed, the court shall
hear the petition and any objection that may have been presented, and if the
court is satisfied that it will be to the advantage of the estate, it shall
enter an order directing the personal representative to make the lease.

2. The order must set forth the minimum
rental or royalty and the period of the lease, which must be for such time as
the court may authorize, except as otherwise provided in subsection 5 with
respect to a lease for the purpose of production of minerals, oil, gas or other
hydrocarbon substances or natural steam.

3. The order may authorize other terms and
conditions, including, with respect to a lease for the purpose of production of
minerals, oil, gas or other hydrocarbon substances or natural steam, a
provision for the payment of rental and royalty to a depositary, and for the
appointment of a common agent to represent the interest of all the lessors,
and, if the lease is for the purpose of production of oil, gas or other
hydrocarbon substances or natural steam, including a provision for the payment
of a compensatory royalty in lieu of rental and in lieu of drilling and
producing operations on the property covered by the lease, and including a
provision empowering the lessee to enter into any agreement with lessees,
operators or owners of other property for the purpose of bringing about the
cooperative development and operation of all or parts of the field of which the
leased property is a part, or for the development and operation of all or parts
of the field as a unit.

4. If the lease covers additional property
owned by other persons or an undivided interest of the decedent, or other
interest of the decedent less than the entire ownership in the property, it may
provide for division of rental and royalty in the proportion that the property
or interest of each owner bears to the total area of the property or total
interests covered by the lease.

5. A lease for the purpose of production
of minerals, oil, gas or other hydrocarbon substances or natural steam may be
for a fixed period, and so long thereafter as minerals, oil, gas or other
hydrocarbon substances or natural steam are produced in paying quantities from
the property leased or mining or drilling operations are conducted thereon,
and, if the lease provides for the payment of a compensatory royalty, so long
as the compensatory royalty is paid, and, if the property covered by the lease
is included in an agreement with lessees, operators or owners of other property
for cooperative development or unit operation of a larger area including the
leased property, so long as oil, gas or other hydrocarbon substances or natural
steam are produced in paying quantities from any of the property included in
any such agreement or drilling operations are conducted thereon.

6. A certified copy of the order must be
recorded in the office of the county recorder of every county in which the
leased property, or any portion thereof, is located.

NRS 149.090Execution of lease; effect of omission, error or irregularity in
proceedings.

1. The personal representative shall
execute, acknowledge and deliver the lease as directed, setting forth therein
that it is made by authority of the order, giving the date of the order.

2. A lease so made is effectual to lease
the property described, at the rent, for the term and upon the conditions
therein prescribed.

3. Jurisdiction of the court to administer
the estate of the decedent is effectual to vest the court with jurisdiction to
enter the order for the lease, and that jurisdiction conclusively inures to the
benefit of the lessee, the lessees heirs, successors and assigns.

4. No omission, error or irregularity in
the proceedings impairs or invalidates them or the lease made in pursuance
thereof.